Rupee down by 3 paise against dollar

PTIMar 6, 2009, 10.36am IST

NEW DELHI: Rupee on Friday depreciated by 3 paise against the US currency in early trade on increased dollar demand by importers and expectations of foreign fund outflows from domestic stock markets in line with subdued trend in other Asian markets.

At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 51.80 a dollar in early trade, down by 3 paise from its previous day's close. The rupee had closed lower by 23 paise at 51.77/78 a dollar yesterday.

Dealers said increased demand for dollar from importers weakened the rupee.

Concerns over capital outflows by funds in line with weak Asian stocks markets also influenced the rupee sentiments, they added.

Meanwhile, among Asian stock markets, the Japan's Nikkei fell by over 3 per cent in early trade.